Investing in your education is another way that you can effectively make yourself worth more; it’s good for personal development, and it can boost your earning potential. And in some cases, a SoFi private student loan can be one of the best ways to finance it. Here’s what you need to know.

What is a SoFi private student loan for?

As a general rule, federal student loans are the best way to borrow money for your schooling. They don’t typically require any sort of credit check, and they benefit from robust standardized protections in the event that you can’t repay your loan due to job loss, illness, etc. These are things you won’t often find with a private student loan.

A SoFi private student loan best suits two situations:

• Those who don’t qualify for a federal student loan
• Those whose federal student loan doesn’t cover the entirety of their schooling needs

Ideally, you’ll use a SoFi private student loan as a gap-filler; if between your federal loan, scholarships, and grants, you’ll still be paying for school-certified expenses (think campus housing, books, even meals), a private student loan can be exactly what the doctor ordered.

But what if you don’t qualify for federal aid, at all? In that case, a SoFi private student loan is likely one of your best options. Qualified borrowers can get flexible repayment options, no origination fees, and zero cap on the amount you can borrow for school-certified expenses. You’ll be enrolled in an installment loan that will last for the duration of the term (unless you repay it early, and we’ll note there is no early payoff fee).

SoFi private student loans aren’t for everyone, though. Here’s a look at the pros and cons, and at some different student loans types suited for a variety of needs.

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Pros and cons of a SoFi private student loan

Different types of SoFi private student loans

Most SoFi private student loans have similar bones; APR and term lengths may vary slightly (even grace periods, in some cases), but no matter which degree you’re pursuing, SoFi probably has a specific loan category for you:

Undergraduate loans

These are available for bachelor’s degrees—but not associate degrees. You’ll have to find another lender if you’re going for anything less than a bachelor’s. APR starts at 3.23% fixed and 4.64% variable as of this writing.

Parent loans

Parents can choose to open a student loan entirely in their name on behalf of the student. Similar to a cosigned loan, this is useful if the student has limited or poor credit, as SoFi will use the parent’s credit profile to judge creditworthiness.

This won’t build the student’s credit history, but it also won’t hurt their credit if payments are missed, as their parents are the borrowers.

Parent loans start at 4.12% APR fixed and 5.95% variable as of this writing.

Graduate school loans

Sort of a catch-all for non-specialty degrees, these loans are made for students going for a traditional master’s degree or PhD. You’ll find fixed APRs as low as 3.23% and variable APRs from 4.64%.

Medical school loans

These are intended for those pursuing degrees as an allopathic physician, (MD), osteopathic physician (DO), podiatrist (DPM), doctor of veterinary medicine (DVM), or veterinary medical doctor (VMD). These loans tend to be very expensive, a situation where SoFi’s lack of maximum loan amount comes in handy. Fixed APR starts at 3.23% and variable APR at 4.64%.

Law school loans

JD students will opt for this law-branded loan—again, virtually the same in function as any of SoFi’s other student loans, but targeted toward those looking for the professional graduate degree that’s required to practice law in the U.S. Minimum APR is similar to other loans, too, at 3.23% fixed and 4.64% variable.

MBA school loans

Examples of a Master of Business Administration loans are for fields such as finance, marketing, and healthcare management. You’ll again see a minimum 3.23% fixed APR and 4.64% variable APR.

Health profession loans

Any non-MD health programs, such as pharmacy, nursing, or physician assistance, will opt for this loan type. It’s got a nine-month grace period, which is longer than the standard six-month that you’ll find on most other So-Fi private student loans. The minimum APR is 3.23% fixed and 4.64% variable at the moment.

Dental school loans

SoFi markets this loan toward those working toward degrees such as Doctor of Dental Surgery (DDS) and Doctor of Medicine in Dentistry (DMD) at eligible dental schools. Its grace period for dental school loans is a whopping 12 months. Expect minimum APRs of 3.23% fixed and 4.64% variable.

STEM loans

For tech, engineering, math, and science degrees, SoFi’s STEM graduate program charges the same standard minimum 3.23% fixed APR and 4.64% variable.

How to qualify for a SoFi private student loan

Again, SoFi private student loans are different from federal student loans which are issued by the U.S. Department of Education. Federal student loans don’t require credit-based underwriting for most students, so you don’t need a credit score or a cosigner. No such luck with a private student loan.

To qualify for a SoFi private student loan, you will need to:

• Meet the various age and legal status rules: You must be an adult and U.S. citizen (or permanent resident or eligible non-citizen with all the necessary paperwork).
• Attend an eligible school: When paying with a SoFi private student loan, you can’t choose just any school for your higher education. Use SoFi’s college search tool to see if your preferred institution is listed.
• Have a solid credit score (or a cosigner): Unlike a federal student loan, you’ll need a respectable credit score to open a SoFi private student loan. Aim for a credit score of 670 or above to give yourself the best chances at approval. If your score is below that, you may need a cosigner with a more robust credit profile to open the loan with you.
• Attend at least half time: You’ll typically need to be taking a course load of at least half time to be eligible for a SoFi private student loan.

SoFi doesn’t outline how long it’ll take to get your funding, but it may take several weeks.

What repayment options do SoFi private student loans offer?

When you open a SoFi private student loan, you can select a term length of five, seven, 10, or 15 years. You can also choose from four primary repayment options:

• Immediate repayment: Your full monthly payments begin as soon as you open your loan.
• Interest-only payments: You pay exclusively interest until six months after you graduate (or become ineligible by leaving or dropping below half time).
• Partial interest payments: Pay a flat $25 each month to go toward interest, with full repayment beginning six months after you graduate (or become ineligible by leaving or dropping below half time).
• Full deferment: You don’t pay a red cent until six months after you graduate (or become ineligible by leaving or dropping below half time).

SoFi also comes with certain postponement options for those unable to pay their bills for reasons such as unemployment.

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What do customers say about SoFi private student loans?

Most financial institutions tend to have low ratings on forums and review sites. This is likely because poor experiences typically motivate customers to run to the keyboard more than pleasant ones. SoFi as a company (not its private student loan division exclusively) receives an impressive 4.2 stars out of 5 on Trustpilot.

Customers like the low rates and ability to consolidate multiple student loans into a more affordable monthly payment. They also like the quick communication and some cite a willingness to help when other lenders wouldn’t.

Common anecdotal complaints include complications and delays with refinancing, inability to be approved without decent credit (though you can use a cosigner to fix that problem), and constant spam phone calls from partners after being denied.

The takeaway

If you don’t qualify for federal funding, SoFi private student loans can be a strong way to finance your higher education. Its minimum APR is extremely reasonable, and it’s one of the few lenders that enforces no maximum loan amount for school-certified expenses.

Frequently asked questions

Are SoFi private student loans a good option compared to other lenders?

SoFi is very competitive with other lenders—but it’s not the undisputed best option. Other lenders may have lower minimum and maximum interest rates, fewer degree restrictions, and longer repayment grace periods.

Does SoFi charge any fees on its private student loans?

SoFi doesn’t charge origination fees, application fees, insufficient funds fees, late fees, or prepayment penalties on its private student loans.

How much can you borrow with a SoFi private student loan, and is there a maximum amount?

You can borrow up to 100% of your school-certified expenses—with no hard limit.

Are SoFi private student loans available for graduate, MBA, law, or medical students?

Yes, SoFi private student loans are available for graduate, MBA, law, and medical students.

What are the main pros and cons of SoFi private student loans?

The main pros and cons of SoFi private student loans are that they don’t have the same protections as federal student loans, such as federal forgiveness or income-driven repayment plans.

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Pricing Disclosure

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 03/24/26. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

Fixed rates from 7.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, operating from its Delaware branch, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take
out a loan originated by Cross River Bank. These rate ranges are current as of 03/24/26 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibilitycriteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of
your credit worthiness, income, and other factors.

Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Member Rate Discount

To be eligible for an additional 0.25% interest rate reduction on a Personal Loan, you must, within 31 days of loan funding, either (1) meet SoFi Plus eligibility criteria, (2) receive an Eligible Direct Deposit into a SoFi Checking or Savings account, or (3) receive at least $5,000 in Qualifying Deposits into a SoFi Checking or Savings account. You must continue to meet at least one of the above eligibility criteria every 31 days to maintain the discount. See the SoFi Plus terms for details on SoFi Plus subscription. For more details on Eligible Direct Deposit or Qualifying Deposits, please see https://www.sofi.com/legal/banking-rate-sheet.

Once you become eligible during the initial period, the discount will be removed or reinstated depending on whether the criteria have been met. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to modify or terminate this offer at any time for unenrolled participants. You are not required to meet these criteria to be approved for a loan.